Closed End Funds

Dynamic Asset Allocation in Five Distinct Closed-End Funds

Calamos Closed-End Funds dynamically invest across a variety of asset classes with an eye toward striking the optimal balance between risk and reward throughout the full market cycle. This risk-managed approach has the potential to deliver an attractive long-term total return through a combination of current income and capital appreciation. We offer several distinct asset allocation strategies ranging from enhanced fixed income to defensive equity investing.

To learn more about our funds or to read recent portfolio manager commentary, click on the links below.

Latest Fund News

July 23, 2008: Closed-End Fund July Monthly Data Now Available: CHI, CHY, CSQ, CGO and CHW
July 1, 2008: Calamos Closed-End Funds (CHI, CHY, CSQ, CGO and CHW) Announce Monthly Distributions for July 2008
June 2, 2008: Calamos Closed-End Funds (CHI, CHY, CSQ, CGO and CHW) Announce Monthly Distributions for June 2008
May 19, 2008: Calamos Announces Redemption Dates of Auction Rate Preferred Securities for CHI and CHY

Commentary & Reports

April 7, 2008: Auction Rate Preferred Update
March 20, 2008: Calamos Investments Seeks to Refinance Auction-Rate Preferred Stock Issued by Closed-End Funds
March 3, 2008: A Message to Auction Rate Preferred Shareholders
February 28, 2008: Calamos Closed-End Funds and Auctions
February 18, 2008: Closed-End Fund Leverage: Failed Auctions, Fictions and Truths
January 13, 2008: Fourth-Quarter 2007 Closed-End Fund Tax Selling Roils Post-August Rebound

Closed-End Funds Prices as of 7/23/08

Enhanced Fixed Income
Fund Name	Inception Date	Market Price	NAV	Premium/ (Discount)	Latest Distribution	Distribution Rate¹	30 Day Average Daily Trading Volume
Convertible Opportunities and Income Fund (CHI) Profile \| S&P Stock Report	6/26/02	$13.55	$13.34	1.57%	$0.1400	12.40%	153,672
Convertible and High Income Fund (CHY) Profile \| S&P Stock Report	5/28/03	$13.07	$13.03	.31%	$0.1219	11.19%	158,140
Global Enhanced Fixed Income
Global Dynamic Income Fund (CHW) Profile \| S&P Stock Report	6/27/07	$11.08	$12.37	-10.43%	$0.1100	11.91%	135,452
Defensive Equity
Strategic Total Return Fund (CSQ) Profile \| S&P Stock Report	3/26/04	$11.17	$12.47	-10.43%	$0.1025	11.01%	322,362
Global Defensive Equity
Global Total Return Fund (CGO) Profile \| S&P Stock Report	10/27/05	$15.25	$16.45	-7.29%	$0.1150	9.05%	22,700
¹Current annualized distribution rate on market price is the rate at which the Fund distributes dividend, interest income, and gains earned on the Fund's portfolio, expressed as an annualized percentage of the Fund's current market price per share. * Closing price is from the primary listing exchange.

Closed-End Funds Performance as of 6/30/08

Enhanced Fixed Income
Fund Name	Market Price returns in top row NAV returns in shaded area				Annualized Total Return
Fund Name	Inception Date	YTD	1-Month	3-Months	1-Year	3-Year	5-Year	Since Inception
Convertible Opportunities and Income Fund (CHI) Profile \| S&P Stock Report	6/26/02	1.68%	-9.09%	5.62%	-18.36%	0.33%	6.86%	10.92%
	6/26/02	-5.69%	-4.92%	0.86%	-5.89%	4.47%	7.27%	11.22%
Convertible and High Income Fund (CHY) Profile \| S&P Stock Report	5/28/03	5.42%	-6.58%	7.47%	-8.82%	3.16%	7.12%	7.40%
	5/28/03	-4.87%	-4.76%	1.01%	-4.46%	5.37%	8.58%	8.49%
Global Enhanced Fixed Income
Global Dynamic Income Fund (CHW) Profile \| S&P Stock Report	6/27/07	-9.73%^	-12.60%	0.25%	-19.74%	--	--	-19.55%^
	6/27/07	-7.64%^	-7.01%	0.41%	-3.39%	--	--	-3.39%^
Defensive Equity
Strategic Total Return Fund (CSQ) Profile \| S&P Stock Report	3/26/04	-15.76%	-12.73%	-4.21%	-17.94%	1.35%	--	0.97%
	3/26/04	-14.99%	-9.51%	-4.64%	-16.67%	2.93%	--	4.65%
Global Defensive Equity
Global Total Return Fund Profile \| S&P Stock Report	10/27/05	-17.47%	-9.93%	-5.52%	-8.58%	--	--	7.50%
Global Total Return Fund Profile \| S&P Stock Report	10/27/05	-11.07%	-4.94%	0.20%	-0.64%	--	--	13.42%
^ For the Global Dynamic Income Fund (CHW), the YTD and since inception returns are total returns. Month-end performance is updated each month. For more current performance, use daily pricing above or call a Client Services representative at 800-582-6959.

Closed-End Funds Calendar Year Returns

Enhanced Fixed Income
Fund Name	Market Price returns in top row NAV returns in shaded area
Fund Name	Inception Date	2007	2006	2005	2004	2003	2002
Convertible Opportunities and Income Fund (CHI) Profile \| S&P Stock Report	6/26/02	-20.37%	14.19%	7.04%	14.06%	47.49%	11.96%*
	6/26/02	3.32%	13.00%	2.94%	12.74%	38.29%	7.36%*
Convertible and High Income Fund (CHY) Profile \| S&P Stock Report	05/28/03	-15.62%	21.14%	1.04%	12.48%	17.39%*	--
	05/28/03	4.58%	13.67%	3.87%	16.63%	10.54%*	--
Global Enhanced Fixed Income
Global Dynamic Income Fund (CHW) Profile \| S&P Stock Report	6/27/07	-11.08%	--	--	--	--	--
	6/27/07	4.56%	--	--	--	--	--
Defensive Equity
Strategic Total Return Fund (CSQ) Profile \| S&P Stock Report	03/26/04	-2.75%	25.45%	3.92%	-2.42%*	--	--
	03/26/04	3.73%	20.28%	2.42%	11.74%*	--	--
Global Defensive Equity
Global Total Return Fund (CGO) Profile \| S&P Stock Report	10/27/05	20.68%	28.10%	-4.88%*	--	--	--
Global Total Return Fund (CGO) Profile \| S&P Stock Report	10/27/05	22.81%	23.05%	4.24%*	--	--	--
* Since inception returns are total returns since the fund's inception.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Global Total Return and Global Dynamic Income Funds may invest up to 100% of their assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information.

Investments by the Funds in lower-rated securities involve substantial risk of loss and present greater risks than investments in higher-rated securities, including less liquidity and increased price sensitivity to changing interest rates and to a deteriorating economic environment.

There are certain risks associated with an investment in a convertible bond such as default risk--that the company issuing a convertible security may be unable to repay principal and interest--and interest rate risk--that the convertible may decrease in value if interest rates increase.

Fixed-income securities are subject to interest rate risk; as interest rates go up, the value of the debt securities in the Fund's portfolio generally will decline.

Global Total Return and Global Dynamic Income Funds may invest in derivative securities. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. There is no assurance that any derivative strategy used by the Funds will succeed. One of the risks associated with purchasing an option is that the Funds pay a premium whether or not an option is exercised.

Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in dividend rates on any preferred shares.